Many drivers prefer leasing a new car to buying or loaning one. The advantages are obvious: you have to pay less and you will always have a new, fresh model. What about leasing old or pre-owned cars? Is it possible? Well, it is, but you probably won’t find the conditions as good as you may want.
Lease a Pre-Owned Car
There are companies that provide lease offers on pre-owned cars. But you may find that leasing such a car is difficult, expensive, and even undesirable. Firstly, it may be very hard to find a specific vehicle because lease offers on pre-owned cars are extremely limited. Secondly, the risks and uncertainties are huge for the leasing company, because the price for a car decreases exponentially, while the probability of failure increases, and this means you will have to pay huge interest. Moreover, if the warranty expires, you will have to pay for repairs of the vehicle that is even not yours. So, leasing a pre-owned car may be an unfun experience.
2017 Acura RDX © Honda Motor Co., Ltd.
Taking Over an Existing Lease
An alternative option for leasing a pre-owned car is taking over an existing lease for a new car. Some drivers may want to get out of their lease early; the only rational option for them is transferring the lease to another person. It’s an absolutely legal instrument that can be used both ways – to get out of a lease and to take one over. However, there are other issues. You must be approved by the lessor which means you need an adequate credit score, and you will be responsible for troubles made by the previous lessee after the leasing period ends.
Is It a Good Idea?
Probably, it is not. We recommend leasing a new car or, if you prefer used cars, buying one instead of leasing. There are many nice offers out there and the risks are significantly lower. However, if you do not have any other options except leasing a pre-owned car, we recommend taking over an existing lease. But be careful and study the terms and conditions very closely.
